[WALLET] Choose the best wallet suitable for your needs.

[Peanutswar]

I know some of the members already know this platform which is the bitcoin.org and most of the people visiting this platform but today I would like to focus to the use this platform and the feature which is the Choose your wallet. Some of the members today are having to struggle what is the best wallet to them and what is suitable for their needs which is more convenient to use.

On the first question of which operating do you use. In mobile, we have an android or iOS, desktop, Linux, window, or macOS and lastly is the hard wallet.

Let's say I'm a user of desktop with an OS if windows.

then the next questions ask if you are knowledgeable in wallets or just a newbie. Let's say I'm knowledgeable about the different wallet but still I want to use the suitable for my needs.

This time I will now choose what are the features you would like to have on your wallet.

Next, we have the features you are want to have if this is a supported by the Bech32, Segwit or just the legacy address.

Now according to the answer you are given to them, they will now recommend the best wallet that is suitable for your needs.
Now, this is the wallet they highly recommended to me as a desktop and window os user.

I hope this will help to the newbies would like to find the best wallet for them.

[Maus0728]

Next, we have the features you are want to have if this is a supported by the Bench32, Segwit or just the legacy address.

bech32 (starts with bc1) and it is also another type of segwit address called native segwit address.
Just an addtional resources that I personally use when choosing bitcoin wallet is Extensive Bitcoin Software Wallets Feature Comparison. That spreadsheet created by https://veriphi.io/en offers a wide range of bitcoin wallet with different metric comparison based on security, usage etc..

For me, the best wallet that I have used is still electrum especially when they release the newest update that supports Lightning Network  . While it is a non-custodial wallet, it also supports the most basic functionality of a bitcoin wallet such as pay-to-many, coin control, RBF and manual fee selection  .

[Charles-Tim]

Next, we have the features you are want to have if this is a supported by the Bench32, Segwit or just the legacy address.

I want to correct this, it is Bech32, also know that segwit wallet support both P2SH (compatible) and Bech32, but it does not support P2PKH (legacy) bitcoin address. But people like Bech32 bitcoin address because transaction fee is  lower.

Now according to the answer you are given to them, they will now recommend the best wallet that is suitable for your needs.
Now, this is the wallet they highly recommended to me as a desktop and window os user.

I hope this will help to the newbies would like to find the best wallet for them.

I like bitcoin core too, it is a full client wallet, but not good for beginners as it needs more memory space and subsequent backup of each addresses used to receive bitcoin, it is a secure and safe wallet but the device used for it must be free of malware.

As for me, I prefer electrum wallet just for the security sake.

[Pmalek]

Anyone who is serious about Bitcoin should invest in a good hardware wallet or generate a paper wallet in an offline environment. Desktop wallets are one security level below. If for some reason you can't or don't want to use hardware or paper wallets, stick to the basics. Electrum or Bitcoin Core (if you intend to run a full node).

[bob123]

I want to correct this, it is Bech32, also know that segwit wallet support both P2SH (compatible) and Bech32, but it does not support P2PKH (legacy) bitcoin address. But people like Bech32 bitcoin address because transaction fee is  lower.

A "segwit wallet" doesn't "support" anything. There is no "segwit wallet".

Segwit is an improvement. And the address format is called bech32. That's the "real segwit".
Nested segwit is just P2WPKH nested into P2SH. That's not really segwit but good for compatibility with outdated software.

I like bitcoin core too, it is a full client wallet, but not good for beginners as it needs more money space and subsequent backup of each addresses used to receive bitcoin [...]

You only need to backup your file once. Core uses HD wallets.

[...] it is a secret and safe wallet but the device used for it must be free of malware.

This applies to every desktop-, mobile-, browser-based- and web wallet.

As for me, I prefer electrum wallet just for the security sake.

Electrum is not more secure than core. That's a misconception you have.

[mocacinno]

--snip--

I like bitcoin core too, it is a full client wallet, but not good for beginners as it needs more money space and subsequent backup of each addresses used to receive bitcoin [...]

You only need to backup your file once. Core uses HD wallets.

--snip--

Maybe add a little sidenote: core didn't always use HD wallets, and you can still create a non-HD wallet aswell.
It would probably be better to claim that recent versions of core use HD wallets as a default.

(just nitpicking here... I agree with the general idear of everything you said... but i wouldn't want somebody with a really old, non-hd, wallet to think they didn't have to make backups)

[bob123]

Maybe add a little sidenote: core didn't always use HD wallets, and you can still create a non-HD wallet aswell.
It would probably be better to claim that recent versions of core use HD wallets as a default.

Alright, let me rephrase it then:

I like bitcoin core too, it is a full client wallet, but not good for beginners as it needs more money space and subsequent backup of each addresses used to receive bitcoin [...]

You only need to backup your file once. Core uses HD wallets.

Core uses HD wallets since version 0.13 released 17.10.2015
If you created your wallet at some point after this date, you use a HD wallet (visible in the bottom right corner: HD) and don't have to backup your wallet regularly.
Backing it up once is enough in this case.


@mocacinno, happy now?   

[mocacinno]

--snip--

@mocacinno, happy now?   

In general... Not really

In this case: yup (i'm always happy when i'm nitpicking)

[kakonhat]

Those wallet download full nodes that's why it takes a long time to synchronize. I know, it will be good if your computer have good power to run those wallets. If your computer got some issues you could try Armory or Electrum.

[mocacinno]

Those wallet download full nodes that's why it takes a long time to synchronize. I know, it will be good if your computer have good power to run those wallets. If your computer got some issues you could try Armory or Electrum.

The last time i ran armory, i did require you to run a full node underneath Armory... I doubt the structure of this wallet has changed that much.

Electrum on the other hand is indeed an SPV wallet, so it is indeed a lot less resource-hungry.

[minairia3]

Anyone who is serious about Bitcoin should invest in a good hardware wallet or generate a paper wallet in an offline environment. Desktop wallets are one security level below. If for some reason you can't or don't want to use hardware or paper wallets, stick to the basics. Electrum or Bitcoin Core (if you intend to run a full node).

I think hardware wallets are okay for those who cant afford laptop/desktop to download electrum or bitcoin core. Its much cheaper and security check, its one of the recommended alternatives. I understand some cant afford laptops but make sure they are at least using non custodial wallet and avoid patronizing exchange and app wallet without serious trust or feedback.

[Charles-Tim]

Electrum is not more secure than core. That's a misconception you have.

100% certain. I am not saying electrum is safer than bitcoin core, all i meant was that it is a full client wallet and need more memory space for whole bitcoin blockchain download. That aside, bitcoin core is the most secure and the original bitcoin wallet for computers, it connect users directly to the blockchain. And thanks for your corrections.

[OcTradism]

That aside, bitcoin core is the most secure and the original bitcoin wallet for computers, it connect users directly to the blockchain. And thanks for your corrections.

It is your another misconception too. Bitcoin Core and Electrum all connect your wallet to server and nodes. The difference is what they store on your computer. Bitcoin Core (full node) store all things, entire blockchain; prune node store all things of each transaction but in limited period by personal setup. Electrum as SPV wallet, only stores block headers, not entire blockchain.

[bob123]

It is your another misconception too. Bitcoin Core and Electrum all connect your wallet to server and nodes.

Well, not entirely.

Core is a full node and connects to other nodes in the P2P network.
Electrum is a lightweight client and connects to a server which is a full node and is connected to other nodes.

With core, you are directly participating in the P2P bitcoin network. With electrum, you don't.

[Pmalek]

Snip

Full node connections or server connections are both of secondary importance if the user running the software lacks the basic security skills or willingness to learn how to stay safe. Both are good desktop clients, meant for different types of users. They can be all that you need Bitcoin-wise, or cause havoc if you aren't careful.

[pakhitheboss]

Wallets are the most important tools for storing and handling cryptocurrencies. If you do not have the right wallet for the right job then you will lose your crypto assets.

I personally have divided my wallets according to my daily or weekly requirements. I have been using three types of wallets for the past year now and have not faced any issue to date.

I prefer using Mycelium wallet for Android for general usage and have been using wasabi wallet to HODL Bitcoin. For altcoins, I prefer using the Exodus wallet desktop version and mobile.

I am planning to buy a hardware wallet soon for my crypto assets that I plan to HODL for the long term. In case if you are interested in knowing why I prefer using these three wallets then you can click on the links.

[AakZaki]

Anyone who is serious about Bitcoin should invest in a good hardware wallet or generate a paper wallet in an offline environment. Desktop wallets are one security level below. If for some reason you can't or don't want to use hardware or paper wallets, stick to the basics. Electrum or Bitcoin Core (if you intend to run a full node).

Hardware wallet is a safer choice in my opinion, because I use it now too. Offline wallets such as paper wallets are an alternative safe wallet option. If it's serious about investing in bitcoin or storing other coins, the price of a hardware wallet won't be a problem, because it's for the sake of more secure double security. and the most important thing is how we can keep this hardware wallet or other wallet safe and in our control.

[RapTarX]

Offline wallets such as paper wallets are an alternative safe wallet option.

Paper wallet is best cold storage for storing bitcoin for long time. Hardware wallets are good if you are having some regular tx. But with generating paper wallet, you have to be more cautious to avoid any kind of hacking issue.

[Ryker1]

Offline wallets such as paper wallets are an alternative safe wallet option.

Paper wallet is best cold storage for storing bitcoin for long time. Hardware wallets are good if you are having some regular tx. [But with generating paper wallet, you have to be more cautious to avoid any kind of hacking issue].

Well, that is right and this is very critical. Off your internet connection while generating a paper wallet that perhaps get hack if you are online.
I am a mobile user and I prefer to app mobile version wallet until now I did not get hack so far. Electrum and Coinomi is the best app wallet and you can trust them seems they are also trusted from the crypto community. You can also sign a message using your mobile phone.
Indeed, --good thread OP and thank you for your effort on this.

[Lucius]

In short, a good crypto wallet is one that is preferably open source and in which you have complete control over your private keys. Of course, you raise the level of your security if you use a hardware wallet instead of a desktop or mobile wallet, but that is only part of the solution. Crypto wallets themselves do not pose a great risk if used properly, but the way crypto users are most often left without their coins is very reckless behavior when it comes to backup.

So in the whole story the weakest link is still people who behave very irresponsibly, and the thing is very simple - never store your backup online or in digital form if it is not encrypted - and one backup means absolutely nothing, always have at least two or three on different locations.

Another important thing is to always check the addresses before sending or receiving, as this is perhaps one of the most common ways someone hacks you via clipboard malware. Hardware wallets (at least when it comes to Ledger) force us to confirm every action before execution, but where it is not done this way always look for the preview button and make sure the addresses are identical before using them.